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failure
A total defect; an omission; a non-performance. Failure also signifies a stoppage of payment; as, there has been a failure to-day, some one has stopped payment.
2. According to the French code of commerce, art. 437, every merchant or trader who suspends payment is in a state of failure. Vide Bankruptcy; Insolvency.
Source : Bouvier 1856
Language : English